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Shares of Research in Motion (Quote) took a hit late Wednesday after the company report quarterly earnings and sales that were just below Wall Street estimates.

RIM's sales were up 66 percent to $930.4 million in the quarter ended March 3, but that was below the $935 million analysts expected, and earnings of 99 cents a share were a penny below forecasts.

Still, the company reported more than a million new subscribers in the quarter, and the company's June quarter sales guidance of $1.025-$1.075 billion was also better than expected.

RIM also said it is facing a formal investigation of its stock option accounting practices.

RIM shares fell 6 percent in after-hours trading